A number of other equities analysts have also recently weighed in on OKTA. Mizuho initiated coverage on shares of Fortinet in a research note on Tuesday, March 26th. They set a neutral rating and a $90.00 price target on the stock. Canaccord Genuity reiterated a hold rating on shares of National Bank of Canada in a research report on Friday, May 31st. Needham & Company LLC boosted their price objective on shares of Okta to $154.00 and gave the stock a buy rating in a research report on Wednesday. Oppenheimer boosted their price objective on shares of Okta from $115.00 to $130.00 and gave the stock an outperform rating in a research report on Thursday, June 13th. Finally, Deutsche Bank restated a buy rating and issued a GBX 430 ($5.62) target price on shares of in a report on Friday, June 21st. Eight analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of Buy and an average target price of $101.22.
Shares of Okta stock opened at $136.19 on Thursday. Okta has a 52-week low of $41.88 and a 52-week high of $140.18. The business has a 50 day moving average price of $127.50. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $15.54 billion, a P/E ratio of -132.22 and a beta of 1.01.
Okta (NASDAQ:OKTA) last issued its quarterly earnings results on Thursday, May 30th. The company reported ($0.39) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.01. The company had revenue of $125.20 million during the quarter, compared to the consensus estimate of $116.83 million. Okta had a negative net margin of 34.37% and a negative return on equity of 53.36%. The firm’s quarterly revenue was up 49.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.09) earnings per share. As a group, analysts predict that Okta will post -1.35 EPS for the current year.
In related news, General Counsel Jonathan T. Runyan sold 493 shares of the stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $127.85, for a total transaction of $63,030.05. Following the completion of the sale, the general counsel now owns 1,406 shares of the company’s stock, valued at approximately $179,757.10. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Todd Mckinnon sold 1,773 shares of the stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $127.85, for a total transaction of $226,678.05. Following the sale, the chief executive officer now directly owns 14,224 shares of the company’s stock, valued at approximately $1,818,538.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 348,388 shares of company stock worth $42,845,814. Insiders own 14.69% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Valeo Financial Advisors LLC grew its position in Okta by 122.4% in the second quarter. Valeo Financial Advisors LLC now owns 238 shares of the company’s stock valued at $29,000 after acquiring an additional 131 shares in the last quarter. Focused Wealth Management Inc acquired a new stake in shares of Okta during the 2nd quarter valued at about $30,000. Truewealth LLC acquired a new stake in shares of Okta during the 2nd quarter valued at about $33,000. Nisa Investment Advisors LLC acquired a new stake in shares of Okta during the 2nd quarter valued at about $56,000. Finally, Meridian Wealth Management LLC acquired a new stake in shares of Okta during the 1st quarter valued at about $48,000. 77.89% of the stock is owned by hedge funds and other institutional investors.
Okta, Inc provides identity solutions for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the United States and internationally. The company offers Okta Identity Cloud, a platform that offers a suite of products to manage and secure identities, such as Universal Directory, a cloud-based system of record to store and secure user, application, and device profiles for an organization; Single Sign-On that enables users to access their applications in the cloud or on-premise from various devices with a single entry of their user credentials; Adaptive Multi-Factor Authentication, a product that provides an additional layer of security for cloud, mobile, and Web applications, as well as for data; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; and API Access Management that enables organizations to secure APIs.It also offers customer support and training, and professional services.
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